Wealth and investment management firm Bailard has sold a data center currently occupied by Comcast in Maryland for $14.85 million.
The two-story 66,000 square-foot data center and office property at 8031 Corporate Drive in White Marsh is currently leased out to Comcast.
“As an active asset and portfolio manager, Bailard is laser-focused on adding value to its property portfolio,” said Preston Sargent, president and CEO of the Bailard Real Estate Fund. “These dispositions both represent well-executed business plans, where Bailard was able to ultimately market the properties as core, stabilized assets that proved very attractive for buyers seeking stability in this environment.”
Bailard purchased the property in 2017 as a value-add opportunity to solve the in-place, short-term lease. The tenant reportedly renewed the lease in 2020 with Comcast having been in the building since 2001. The buyer wasn’t disclosed.
Lincoln Rackhouse lists the neighboring 8029 Corporate Drive as a Comcast-leased data center under its ownership.
On the same street, 8023 Corporate Drive was sold in December by Kenwood Management Company subsidiary Kenwood Corporate Drive LLC to Strategic Data Center Fund for $3 million. Kenwood acquired the property in 2016 from Corporate Office Property Trust; Verizon is listed as the tenant.